North Carolina Community Trades Hands for $28.5M
- Nov 28, 2011
Morrisville, N.C.—ARA has completed the sale of The Waterford, a 300-unit apartment community located in Morrisville, N.C. The firm represented Ohio-based seller The Connor Group in the transaction. The asset was picked up by Atlanta-based private equity firm SG Waterford. The $28.5 million sales price represents $95,000 per unit.
“Demand for well located assets with solid value-add potential such as The Waterford has spiked among both renters and investors and we anticipate that this is the start of a trend of heightened demand for this product type in this market going forward,” says ARA’s Dean Smith, who represented the seller in the transaction. “The Waterford was well positioned to capitalize on this demand due to its superior location and strong demographics.”
The community is comprised of one-, two- and three-bedroom floor plans. Common amenities include detached garages, a car care center, exercise facilities and a sand volleyball court.
Westdale Investment Partners acquires 210-unit asset
Charlotte, N.C.—Chicago–based investment firm Westdale Investment Partners LLC has completed the acquisition of Galleria Village Apartments, a 210-unit community located in Charlotte, N.C. The asset was picked up from Charlotte-based Charter Properties for $18.5 million, a sales price that equates to $88,095 per unit.
“Galleria Village has been extremely well-maintained during the previous ownership period,” says Mark Isaacson, principal at Westdale. “As far as putting in further money into the property, only maintenance and upkeep as needed are necessary. We are extremely satisfied with the condition of the asset.”
Galleria Village was built in 2005. Floor plans average 910 square feet in size and include either a patio or balcony. Community amenities include a pool, fitness center, business center with Wi-Fi, on site laundry, garages, and picnic areas with gas grills.
HFF secures $34.5M participating construction loan
Los Angeles–HFF announced that it has secured a $34.5 million participating/construction loan for the bw, a 78-unit, luxury multi-housing development at Barrington and Wilshire in West Los Angeles.
Working on behalf of California Landmark, HFF placed the loan with a pension fund advisor. The non-recourse loan has a term of 12 years, inclusive of a 29-month construction period. The loan features a low current coupon plus a split of cash flows to lender and sponsor during the term and at maturity.
The bw is located at 11669 Wilshire Boulevard at the northeast corner of Wilshire and Barrington in the Brentwood neighborhood of West Los Angeles, close to the 405 Freeway. The six-story property will have one- and two-bedroom units averaging 949 square feet each plus 2,000 square feet of ground floor retail space. Community amenities will include a two-level underground parking garage, fitness center, roof deck with a tree and fire pit, conference center and concierge service.
The HFF team representing California Landmark was led by Senior Managing Director Paul Brindley, Managing Director Todd Sugimoto, and Co-Head of HFF’s national multi-housing investment sales group Sean Deasy.